July ADP Wash As 14K Expectation Beat Offset By -12K Prior Revision

For the 3 or so people and vacuum tubes who actually care about the ADP employment report, whose NFP predictive fault rate is about 100%, the July number was a wash, printing at 114K or above expectations of 100K, while the June number was revised from 157K to 145K, or in other words a complete wash relative to expectations. On the other hand, the NFP will do whatever the BLS decides it wants it to do, just like the BEA will make the GDP number indicate whatever the US Department of Truth wants it to indicate. From the report: "Employment in the service-providing sector rose by 121,000 in July, marking 19 consecutive months of employment gains. Employment in the goods-producing sector fell by 7,000 in July, the second decline in three months. Manufacturing employment decreased 1,000 in July, which has seen growth in seven of the past nine months. Employment in the service-providing sector rose by 121,000 in July, marking 19 consecutive months of employment gains. Employment in the goods-producing sector fell by 7,000 in July, the second decline in three months. Manufacturing employment decreased 1,000 in July, which has seen growth in seven of the past nine months." As for the two critical occupations of construction and financials: there was nothing good there: "Employment in the construction industry declined 11,000 in July, the third consecutive monthly decline, bringing the total decrease in construction employment since its peak in January 2007 to 2,135,000. Employment in the financial services sector decreased 1,000 in July, bringing the total employment decrease for that same period to 687,000."